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Infrea

Infrea

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Infrea is an industrial group focused on maintaining and developing Sweden's infrastructure. With operations in land & construction (91% of sales in '23) and water & sewage (9%), Infrea manages and develops companies with local presence in a fragmented market. This is done through a decentralised model that focuses on subsidiaries serving both private and public clients.

Sustainability information

M&A execution, post-acquisition performance of acquired entities, working capital discipline, contract/price calculations on projects undertaken, cost inflation, increased price competition in bidding processes.

Financials

SEKm 2024 2025e 2026e
Sales 2078 2236 2312
Sales growth (%) 3,2 7,6 3,4
EBITDA 121 146 162
EBITDA margin (%) 5,8 6,5 7
EBIT adj. 30 57 70
EBIT adj. margin (%) 1,4 2,6 3
Pretax profit -5 30 58
EPS -0,26 0,68 1,55
EPS adj. 0,5 0,98 1,55
DPS 0,5 0,5 0,5
EV/EBITDA (x) 5,1 3,7 3
EV/EBIT adj. (x) 20,4 9,4 7
P/E (x) N/A 20 8,8
P/E adj. (x) 27,2 13,9 8,8
EV/sales (x) 0,3 0,24 0,21
FCF yield (%) 22,6 32,5 30,8
Le. adj. FCF yld. (%) 9,3 18,4 15,7
Dividend yield (%) 3,7 3,7 3,7
Net IB debt/EBITDA (x) 1,7 0,9 0,5
Le. adj. ND/EBITDA (x) 0,6 -0,5 -1
SEKm 2024 2025e 2026e
Sales 2078 2236 2312
COGS -1373 -1472 -1486
Gross profit 705 764 826
Other operating items -584 -618 -664
EBITDA 121 146 162
Depreciation and amortisation -91 -89 -92
of which leasing depreciation -59 -62 -66
EBITA 30 57 70
EO Items 0 0 0
Impairment and PPA amortisation -15 -4 0
EBIT 15 54 70
Net financial items -20 -14 -11
Pretax profit -5 30 58
Tax -3 -10 -12
Net profit -8 20 46
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -8 20 46
EPS -0,26 0,68 1,55
EPS adj. 0,5 0,98 1,55
Total extraordinary items after tax 0 -7 0
Leasing payments -59 -62 -66
Tax rate (%) -49,1 32 20,6
Gross margin (%) 33,9 34,2 35,7
EBITDA margin (%) 5,8 6,5 7
EBITA margin (%) 1,5 2,6 3
EBIT margin (%) 0,7 2,4 3
Pre-tax margin (%) -0,3 1,3 2,5
Net margin (%) -0,4 0,9 2
Sales growth (%) 3,2 7,6 3,4
EBITDA growth (%) 24,3 20,9 10,8
EBITA growth (%) 136,7 88,7 22,3
EBIT growth (%) 19,2 N/A 30,6
Net profit growth (%) 1,3 -359,2 126,8
Profitability N/A N/A N/A
ROE (%) -1,3 3,2 6,9
ROE adj. (%) 1,2 4,8 6,9
ROCE (%) 1,5 4,5 7,3
ROCE adj. (%) 3,1 5,8 7,3
ROIC (%) 5,2 4,8 7,2
ROIC adj. (%) 5,2 4,8 7,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 121 146 162
EBITDA adj. margin (%) 5,8 6,5 7
EBITDA lease adj. 62 84 96
EBITDA lease adj. margin (%) 3 3,8 4,1
EBITA adj. 30 57 70
EBITA adj. margin (%) 1,5 2,6 3
EBIT adj. 30 57 70
EBIT adj. margin (%) 1,4 2,6 3
Pretax profit Adj. 10 43 58
Net profit Adj. 8 31 46
Net profit to shareholders adj. 8 31 46
Net adj. margin (%) 0,4 1,4 2
SEKm 2024 2025e 2026e
EBITDA 121 146 162
Goodwill 411 420 420
Net financial items -20 -14 -11
Other intangible assets 30 33 33
Tangible fixed assets 140 88 74
Paid tax -3 -10 -12
Right-of-use asset 181 160 155
Non-cash items -10 3 0
Total other fixed assets 0 0 0
Cash flow before change in WC 89 126 139
Fixed assets 762 701 682
Change in working capital 11 2 -1
Inventories 32 34 35
Operating cash flow 100 129 138
Receivables 256 250 253
Capex tangible fixed assets -7 31 -12
Other current assets 174 182 188
Capex intangible fixed assets 0 3 0
Cash and liquid assets 156 185 190
Acquisitions and Disposals 0 -29 0
Total assets 1379 1352 1348
Free cash flow 93 133 126
Shareholders equity 638 653 684
Dividend paid 0 -15 -15
Minority 0 0 0
Share issues and buybacks 83 0 0
Total equity 638 653 684
Leasing liability amortisation -54 -58 -62
Long-term debt 167 122 73
Other non-cash items 12 19 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 165 165 171
Total other long-term liabilities 27 26 26
Short-term debt 29 25 24
Accounts payable 162 200 204
Other current liabilities 192 161 166
Total liabilities and equity 1379 1352 1348
Net IB debt 205 127 78
Net IB debt excl. pension debt 205 127 78
Net IB debt excl. leasing 40 -38 -93
Capital employed 998 965 952
Capital invested 842 780 762
Working capital 108 105 106
Market cap. diluted (m) 409 409 409
Net IB debt adj. 205 127 78
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 614 536 487
Total assets turnover (%) 152,9 163,7 171,3
Working capital/sales (%) 5,4 4,8 4,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 32,1 19,5 11,3
Net debt / market cap (%) 50 31 19
Equity ratio (%) 46,2 48,3 50,8
Net IB debt adj. / equity (%) 32,1 19,5 11,3
Current ratio 1,61 1,69 1,69
EBITDA/net interest 6 10,6 14,1
Net IB debt/EBITDA (x) 1,7 0,9 0,5
Net IB debt/EBITDA lease adj. (x) 0,6 -0,5 -1
Interest coverage 1,5 4,2 6,1
SEKm 2024 2025e 2026e
Shares outstanding adj. 30 30 30
Diluted shares adj. 30 30 30
EPS -0,26 0,68 1,55
Dividend per share 0,5 0,5 0,5
EPS adj. 0,5 0,98 1,55
BVPS 21,26 21,78 22,83
BVPS adj. 6,55 6,69 7,73
Net IB debt/share 6,82 4,24 2,59
Share price 13,65 13,65 13,65
Market cap. (m) 409 409 409
P/E (x) N/A 20 8,8
EV/sales (x) 0,3 0,2 0,2
EV/EBITDA (x) 5,1 3,7 3
EV/EBITA (x) 20,3 9,4 7
EV/EBIT (x) 41,2 10 7
Dividend yield (%) 3,7 3,7 3,7
FCF yield (%) 22,6 32,5 30,8
Le. adj. FCF yld. (%) 9,3 18,4 15,7
P/BVPS (x) 0,64 0,63 0,6
P/BVPS adj. (x) 1,81 1,76 1,55
P/E adj. (x) 27,2 13,9 8,8
EV/EBITDA adj. (x) 5,1 3,7 3
EV/EBITA adj. (x) 20,3 9,4 7
EV/EBIT adj. (x) 20,4 9,4 7
EV/CE (x) 0,6 0,6 0,5
Investment ratios N/A N/A N/A
Capex/sales (%) 0,3 1,5 0,5
Capex/depreciation 0,2 -1,3 0,5
Capex tangibles / tangible fixed assets 5,1 35,2 16,1
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 22,7 30,4 34,9

Equity research

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Media

Infrea - Company presentation with CEO Martin Reinholdsson
Infrea - Fireside chat with CEO Martin Reinholdsson

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Byggmästare Anders J Ahlström Holding AB 20.0 % 20.0 % 26 Sep 2025
Birger Ulrik Lindeblad 15.0 % 15.0 % 26 Sep 2025
Avanza Pension 11.7 % 11.7 % 26 Sep 2025
Pontus Lindwall 5.6 % 5.6 % 7 Aug 2025
Urban Sturk 2.6 % 2.6 % 26 Sep 2025
Futur Pension 2.1 % 2.1 % 26 Sep 2025
von Euler & Partners 1.8 % 1.8 % 26 Sep 2025
Fallax Aktiebolag 1.5 % 1.5 % 26 Sep 2025
Nordnet Pensionsförsäkring 1.2 % 1.2 % 26 Sep 2025
Andcarl 2 AB 1.2 % 1.2 % 26 Sep 2025
Source: Holdings by Modular Finance AB